Bitcoin Slumps 7% As Crypto Crash Triggers $588 Million Liquidations Amid Mt. Gox Selloff Fears
Release: 2024/07/05 17:19 Reading: 353
Crypto Market Suffers Crash, Triggering Liquidations
Within the last 24 hours, Bitcoin has plummeted over 7%, sparking widespread liquidations totaling over $588 million, driven by fears associated with the Mt. Gox token sale.
As of 2:25 a.m. EST, BTC was trading below the $55,000 mark at $54,269.58, following a day of heavy losses for digital assets. The overall market capitalization of cryptocurrency has plummeted by 8%, falling below $2 trillion.
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Highest Liquidations Since FTX Collapse
According to CoinGlass data, over $588 million in long positions were liquidated in the past 24 hours. Additionally, over $93 million in short positions were liquidated during the same period.
A significant portion of these liquidations occurred within the past 12 hours, marking the largest market impact since the FTX collapse, according to renowned crypto trader Michaël van de Poppe. In a recent post, he advised his followers to avoid "panic selling."
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Mt. Gox's Influence on the Crash
The recent crypto crash has been partially attributed to the now-defunct crypto exchange Mt. Gox. Lookonchain, an on-chain analytics platform, detected a $2.71 billion BTC transfer from the exchange's cold storage wallets, raising concerns that its repayments may trigger a sharp selloff of BTC.
The #MtGox wallet transferred out 47,229 $BTC ($2.71B) 30 minutes ago, possibly in preparation for repayment in July. pic.twitter.com/DM4ztdeVV5
— Lookonchain (@lookonchain) July 5, 2024
Meme Coins Hit Hard
Meme coins have been particularly affected by the latest crypto crash. Leading meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) have all suffered double-digit percentage losses.
DOGE and SHIB have plummeted by more than 15% and 14%, respectively. PEPE, a frog-themed meme coin, and WIF, a Solana-based meme coin, have also witnessed significant price drops of 15% and 11%, respectively. BONK, on the other hand, is currently trading at $0.00001956, down over 11%.
Investors Seek Refuge in Presale Tokens
Given the uncertainty surrounding Mt. Gox's repayments, investors are considering presale tokens that are yet to face the volatility of the open market. Some analysts are enthusiastic about layer-2 Pepe Unchained (PEPU), which has raised over $2.3 million in less than three weeks. Additionally, PlayDoge (PLAY), a Tamagotchi-inspired meme coin with a Play-to-Earn feature, has already raised $5.3 million.
WienerAI (WAI), an AI-based meme coin, has also gained significant attention with over $7 million raised in funding.
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